[Technical analysts say when Bitcoin could hit $110,000]
Amid the ongoing recovery in Bitcoin (BTC), trading expert Titan of Crypto noted in a July 16 analysis that Bitcoin could reach new all-time highs in the coming months, with a price target of $110,000. According to his technical analysis, Bitcoin’s chart shows a “cup-and-handle pattern,” a bullish continuation pattern that indicates a sharp rise in price.
The "cup and handle pattern" consists of two parts: a cup bottom with a round bottom and a cup handle that briefly consolidates and declines slightly. From late 2021 to mid-2023, Bitcoin formed the cup-bottom of a deep trough, before entering the cup-and-handle phase of brief consolidation in mid-2023. According to experts, the depth of the cup bottom signals significant upside, with predictions that Bitcoin could reach $110,000 by the end of 2024.
In another post, experts used the Ichimoku indicator to emphasize that Bitcoin is about to enter a new bull market. He noted that over the past decade, Bitcoin has experienced a rapid "up" phase followed by a consolidated "ceiling" phase that portends significant price increases.
“Bitcoin’s rise is about to begin. Once BTC goes above the ceiling, it will rise very quickly,” the expert added.
